Van Frank Telecommunications has a patent on a cellular transmission process. The company has amortized the patent on a straight-line basis since 2017, when it was acquired at a cost of $9 million at the beginning of that year. Due to rapid technological advances in the industry, management decided that the patent would benefit the company over a total of six years rather than the nine-year life being used to amortize its cost. The decision was made at the beginning of 2021.
Required: Prepare the year-end journal entry for patent amortization in 2021. No amortization was recorded during the year.
HowOur Website Works
1. FILL IN OUR SIMPLE ORDER FORM
It has never been easier to place your order. Fill in the initial requirements
in the small order form located on the home page and press “continue” button
to proceed to the main order form or press “order” button in the header menu.
Starting from there let our system intuitively guide you through all steps of
ordering process.
2. PROCEED WITH THE PAYMENT
All your payments are processed securely through PayPal. This enables us to
guarantee a 100% security of your funds and process payments swiftly.
3. WRITER ASSIGNMENT
Next, we match up your order details with the most qualified freelance writer
in your field.
4. WRITING PROCESS
Once we have found the most suitable writer for your assignment, they start
working on a masterpiece just for you!
5. DELIVERY
Once finished, your final paper will be available for download through your
personal dashboard. You will also receive an email notification with a copy of
your paper attached to it. Sometimes, the writer may leave a note for you
about the order in case there is any additional information that they need to
give you.